New York Act Would Examine Crypto Mining Potential

New York act would examine the potential for economic zones to empower cryptocurrency mining  
16 February 2018   1233

The act A09862 was introduced in New York on February 14, 2018. It proposes to set up a task force to better understand the impact of economic empowerment zones for cryptocurrency mining.

If passed, the act would analyze cybersecurity threats, the general effect that creating such zones might have on employment within the respective areas. I also would analyse the role of service utilities.

This act would require all departments, agencies or any political subdivisions to provide relevant assistance and data. Two members of the task force would be appointed by the governor, temporary president of the Senate, speaker of the assembly, and superintendent of the department of financial services.

A report from the task force would be submitted to both the governor and legislature of New York one year from the act's effective date.

Bitmain to File IPO Application

The application was sent to Hong Kong Stock Exchange (HKEX)
27 September 2018   405

The largest mining company Bitmain has submitted to the Hong Kong Stock Exchange (HKEX) listing application for an initial public offering (IPO), according to CoinDesk.

The application is a draft option, and some of its details, in particular the number of shares offered for sale and the immediate date of the IPO, are still in the process of editing.

Nevertheless, the document indicates that last year Bitmain's revenue was $ 2,517,719,000. This figure is higher than in 2016 ($ 277,612,000). As of June 30, 2018, the company's revenue was $ 2,845,467,000.

The application said that in 2017 the gross profit of the company was $ 1 212.7 million, which is also higher than in 2016 ($ 151,351,000).

Earlier, the head of Bitmain, Jihan Wu, expressed his indignation over the actions of the company's chief financial officer, who disclosed the figures for the first quarter 60 days after his end, and not after 90, as he had expected.

The media suggested that in the run-up to the IPO the publication of such information could have a negative effect on the company's investment attractiveness.

In addition, the document confirmed the media's information that Bitmain owns a 3% stake in Opera's Internet browser thanks to an investment of $ 50 million.

The application also indicates that the underwriters of the IPO are China International Capital Corporation Hong Kong Securities Limited, Commerce and Finance Law Offices, Maples and Calder LLP, KPMG and Frost & Sulliva